• Riot Platform rebranded and removed “Blockchain” from its business name
• Riot Platforms collected $27.3 million in power credits in 2022
• By 2023, Riot anticipates to increase its hash rate capacity to 12.6 EH/s using 370 MW of electricity
Riot Platform Rebrands
Formerly known as Riot Blockchain, bitcoin infrastructure specialist Riot Platform is a publicly listed bitcoin mining and blockchain technology firm. After losing more than 60% of its value over the past year, Riot Platform rebranded as Riot Platforms and removed “Blockchain” from the business name.
2022 Financial Results
Rising bitcoin output and a full year of data center hosting and engineering revenues pushed Riot’s overall revenue in 2022 up to $259.2 million from $213.2 million the previous year. By bolstering the ERCOT infrastructure in Texas, the firm collected $27.3 million in power credits.
The bitcoin miner plans to survive in the crypto market by expanding into related industries. By building up an infrastructure fit for an industrial scale and recruiting miners of the current generation, Riot Platform is increasing the size and quality of its mining operations. With the planned supply and deployment of more miners, Riot Platform anticipates increasing its currently deployed hash rate capacity of 4.6 EH/s (using roughly 136 MW of energy) to 12.6 EH/s by Q1 2023. An important aspect of Riot Platform’s strategy to expand its hash rate and infrastructure capacity is the purchase of modern mining hardware with over 116,150 cutting-edge S19 series miners aimed at amassing a staggering 12.6 EH/s in self-mining hash rate by end 2023 with around 370 MW used for electricity consumption .
Immersion Cooling Technology
The newest immersion-cooling technology will also be implemented by Riot platform which helps cool down their machines efficiently without needing additional electric fans or other cooling systems which reduces cost significantly while maintaining optimal performance levels at all times .
Overall, with this rebranding effort along with strong financial results coupled with their expansion plan including new modern hardware purchases , immersion cooling technology implementation , etc , we can expect this publically listed bitcoin mining firm to continue making great strides through out 2023 .